I have a library that has 16003 items and counting in it.
It is a library that supports a company with multiple users.
Is there a way to increase the threshold?
It is in 2010 but could we move it to a newer SharePoint?
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Yes, at the web application level in Central Admin:
From here, you can see and change the threshold for the web application.
This is risky, since a larger limit increases the possibility of affecting the performance for some or all users.
This is related to switching from row level locking to table level locking for SQL queries that return more than 5000 rows.
This article also has a number of options for working with large lists other than raising the threshold, which may be useful in some situations.
In general, when making a change like this, you need to test and monitor performance. There are many factors that can affect how changing this will affect your performance including:
I have seen the limit raised quite a bit in environments with many users and tons of data, without having a serious affect on perceived performance, but we also had a ton of very beefy hardware. I've also seen a single poorly designed list that exceeded this threshold cause serious performance degradation.